=+11. The current price of cocoa is $3,136 per tonne. Forward contracts are available to buy or

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=+11. The current price of cocoa is $3,136 per tonne. Forward contracts are available to buy or sell 50 tonnes of cocoa at $170,000 with delivery in one year. Money can be borrowed at 3% p.a. What should be the arbitrageur strategy? (Neglect costs of storage and convenience yields.)

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